ASML
What matters nowUpdated 20 h ago
- ASML reported record third-quarter 2026 net sales of €11.7 billion (Q2: €9.3 billion), net income of about €5.0 billion and a 57.5% gross margin. Installed Base Management sales of €3.3 billion came in above guidance.
- Guidance: fourth-quarter net sales of €14.2-15.2 billion and full-year 2026 sales of €44-45 billion with gross margin around 56%. ASML said planned supply for 2027 and 2028 may not cover customer demand, and it no longer reports quarterly order bookings.
- Capital return: about €4.1 billion of shares were repurchased in Q3 and the interim dividend is €1.88 per share, payable November 4.
- China remains the overhang. On October 5 a German financial news site reported, citing media reports, that Chinese chipmakers had stockpiled hundreds of ASML immersion DUV systems worth several billion dollars; no new export rule was named.
- Next up: Q4 and full-year 2026 results with the 2027 outlook on January 27, 2027 (confirmed). Watch for any export-control change on DUV immersion tools and customer capex commentary from TSMC, which guided capital spending of US$60-64 billion this year.
ASML is the Dutch maker of photolithography machines, the tools that print circuit patterns onto silicon wafers. It is the only company that makes extreme ultraviolet (EUV) lithography systems, which chipmakers need for the most advanced logic and memory chips, and it also sells deep-ultraviolet (DUV) tools, metrology and inspection equipment, and a large service business. Net sales were €32.7 billion in 2025 with a 52.8% gross margin. In Q2 2026 net sales were €9.3 billion and net income €2.9 billion. In July 2026 the company raised its 2026 net sales outlook to €43–45 billion and guided Q3 2026 to €11.0–12.0 billion. Employee count is the 20-F payroll figure at end-2025; the company counts about 44,000 FTEs including temporary staff.↗ source
How it makes money
ASML earns most of its revenue from selling lithography systems to a small group of chipmakers, with revenue recognized on system sales (EUV, DUV and metrology). A second engine is installed base management: service contracts, spare parts and upgrades for tools already in the field, which grew 26% to €8.2 billion in 2025. Orders (bookings) and backlog lead system sales by several quarters, and the backlog stood at €38.8 billion at the end of 2025. In January 2026 the company announced cuts of up to 1,700 positions, mostly management roles in the Netherlands.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2025-12-31 from SEC filings↗. Ratios use our pooled 24/7 price. Statements are in EUR; ratios convert at the latest Fed/ECB reference rate. Quarterly statements →
Biggest businessesAll products & projects →
EUV lithography systems
Core profit engine: 2025 EUV system sales rose 39% to €11.6 billion.
DUV immersion lithography systems
Largest revenue line by 2025 sales, but down 6% year on year.
Installed base management
Recurring service and upgrade revenue grew 26% in 2025 to €8.2 billion.
Metrology and inspection
Small but fast-growing: sales rose 28% in 2025 to €825 million.
Latest newsAll news →
ASML Q3 2026 net sales a record €11.7B; Q4 guided to €14.2-15.2B
ASML reported record third-quarter 2026 net sales of €11.7 billion and net income of about €5.0 billion, up from €9.3 billion of sales in the second quarter.
Reports say Chinese chipmakers stockpiled hundreds of ASML immersion DUV systems
A German financial news site reported, citing media reports, that Chinese chipmakers have stockpiled hundreds of ASML immersion DUV systems worth several billion dollars.
CEO Christophe Fouquet named European Manager of the Year 2026
European Business Media, a network of business and financial outlets in 26 European countries, named ASML chair and CEO Christophe Fouquet its European Manager of the Year 2026.
ASML shares slide after report that China has begun making immersion DUV tools
Reuters reported that a state-owned Chinese company has started mass production of domestically made immersion DUV lithography tools.
ASML plans 30% more EUV and DUV capacity in 2027, with a further increase under review for 2028
ASML plans to lift low-NA EUV output by about 30% in 2027 from roughly 65 systems in 2026, and to add a similar increase in DUV immersion output from about 130 systems.
ASML declares €1.88 interim dividend and bought back about €1.1bn of shares in Q2
Alongside its second-quarter results, ASML said it repurchased about €1.1 billion of its shares in the quarter under its 2026–2028 buyback program.
Products & businesses
EUV lithography systems
Core profit engine: 2025 EUV system sales rose 39% to €11.6 billion.
DUV immersion lithography systems
Largest revenue line by 2025 sales, but down 6% year on year.
Installed base management
Recurring service and upgrade revenue grew 26% in 2025 to €8.2 billion.
Metrology and inspection
Small but fast-growing: sales rose 28% in 2025 to €825 million.
High-NA EUV (EXE platform)
First production-class EXE:5200B High-NA scanner reported in 2025; customer ramp is the next test.
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| EUV system sales↗ Extreme ultraviolet lithography systems (NXE and EXE, including High-NA) sold to leading-edge logic and memory chipmakers. Sales rose 39% in 2025 to €11.6 billion. | — | 35.5% | |
| DUV system sales↗ Deep-ultraviolet lithography systems, including immersion tools, used for many non-EUV layers of a chip. Sales fell 6% in 2025 to €12.0 billion. | — | 36.7% | |
| Installed base management↗ Service, spare parts and upgrade sales for ASML tools already installed at customers. Sales rose 26% in 2025 to €8.2 billion. | — | 25.1% | |
| Metrology and inspection↗ Metrology and inspection systems, including YieldStar optical metrology and e-beam inspection, used to check overlay and defects. Sales rose 28% in 2025 to €825 million. | — | 2.5% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2025-12-31 from SEC filings↗. Ratios use our pooled 24/7 price. Statements are in EUR; ratios convert at the latest Fed/ECB reference rate.
Financial statements
| Metric | TTM | Q4 FY2025↗ 2025-12-31 | Q4 FY2024↗ 2024-12-31 | Q4 FY2023↗ 2023-12-31 | Q4 FY2022↗ 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | — | — | — | — | — |
| EPS (diluted) | — | — | — | — | — |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Share buybacks | — | — | — | — | — |
| Cash & equivalents | $12.92B | $12.92B | $12.74B | $7.00B | $7.27B |
| Total debt | $4.39B | $4.39Bd | $4.69Bd | $4.63Bd | $4.26Bd |
| Shares outstanding | 385.4M | 385.4M | 393.3M | 393.4M | 394.6M |
| Metric | FY2025↗ 2025-12-31 | FY2024↗ 2024-12-31 | FY2023↗ 2023-12-31 | FY2022↗ 2022-12-31 |
|---|---|---|---|---|
| Revenue | $32.67B +16% | $28.26B +3% | $27.56B +30% | $21.17B |
| Cost of revenue | $15.41B +12% | $13.77B +3% | $13.42B +28% | $10.47B |
| Gross profit | $17.26B +19% | $14.49B +3% | $14.14B +32% | $10.70B |
| Research & development | $4.70B +9% | $4.30B +8% | $3.98B +22% | $3.25B |
| Operating income | $11.30B +25% | $9.02B -0% | $9.04B +39% | $6.50B |
| EBIT | $11.30B +25% | $9.02B -0% | $9.04B +39% | $6.50B |
| Pre-tax income | $11.41B +26% | $9.04B -0% | $9.08B +41% | $6.46B |
| Depreciation & amortization | $1.03B +12% | $918.6M +24% | $739.8M +27% | $583.6M |
| Interest expense | $118.3M -27% | $162.6M +6% | $152.7M +151% | $60.8M |
| Income tax | $2.01B +20% | $1.68B +17% | $1.44B +48% | $969.9M |
| Net income | $9.61B +27% | $7.57B -3% | $7.84B +39% | $5.62B |
| EPS (diluted) | $24.71 +28% | $19.24 -3% | $19.89 +41% | $14.13 |
| Dividends per share | — | $6.40 +5% | $6.10 +5% | $5.80 |
| Diluted shares (weighted) | 388.9M | 393.6M | 394.1M | 398.0M |
| Operating cash flow | $12.66B +13% | $11.17B +105% | $5.44B -36% | $8.49B |
| Capital expenditure | $1.57B -24% | $2.07B -4% | $2.16B +68% | $1.28B |
| Share buybacks | $5.95B +1090% | $500.0M -50% | $1.00B -78% | $4.64B |
| Cash & equivalents | $12.92B | $12.74B | $7.00B | $7.27B |
| Long-term debt (incl. current portion) | $2.71B | $3.68B | $4.63B | $3.51B |
| Total debt | $4.39Bd | $4.69Bd | $4.63Bd | $4.26Bd |
| Total assets | $50.57B | $48.59B | $39.96B | $36.30B |
| Total liabilities | $30.95B | $30.11B | $26.51B | $27.49B |
| Shareholders' equity | $19.61B | $18.48B | $13.45B | $8.81B |
| Shares outstanding | 385.4M | 393.3M | 393.4M | 394.6M |
From XBRL data in SEC filings; the ↗ on each period opens the filing it was read from. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
ASML Q3 2026 net sales a record €11.7B; Q4 guided to €14.2-15.2B
ASML reported record third-quarter 2026 net sales of €11.7 billion and net income of about €5.0 billion, up from €9.3 billion of sales in the second quarter.
Reports say Chinese chipmakers stockpiled hundreds of ASML immersion DUV systems
A German financial news site reported, citing media reports, that Chinese chipmakers have stockpiled hundreds of ASML immersion DUV systems worth several billion dollars.
CEO Christophe Fouquet named European Manager of the Year 2026
European Business Media, a network of business and financial outlets in 26 European countries, named ASML chair and CEO Christophe Fouquet its European Manager of the Year 2026.
ASML shares slide after report that China has begun making immersion DUV tools
Reuters reported that a state-owned Chinese company has started mass production of domestically made immersion DUV lithography tools.
ASML plans 30% more EUV and DUV capacity in 2027, with a further increase under review for 2028
ASML plans to lift low-NA EUV output by about 30% in 2027 from roughly 65 systems in 2026, and to add a similar increase in DUV immersion output from about 130 systems.
ASML declares €1.88 interim dividend and bought back about €1.1bn of shares in Q2
Alongside its second-quarter results, ASML said it repurchased about €1.1 billion of its shares in the quarter under its 2026–2028 buyback program.
ASML raises 2026 net sales outlook to €36–40 billion from €34–39 billion
ASML lifted its full-year 2026 net sales range to €36 billion to €40 billion, from the €34–39 billion set in January, and kept a 51–53% gross margin.
US MATCH Act proposal would ban all immersion DUV exports to China and tighten servicing curbs
Trade press reported on a US bill, the MATCH Act, that would ban exports of all deep-ultraviolet immersion lithography machines to China and further restrict servicing there.
SK hynix discloses plan to buy about KRW 11.95 trillion of EUV tools from ASML
A regulatory filing by SK hynix showed a plan to buy EUV lithography systems from ASML worth about KRW 11.95 trillion, roughly $8 billion.
ASML names Marco Pieters CTO and renews Roger Dassen and Frédéric Schneider-Maunoury at the 2026 AGM
ASML's Supervisory Board proposed a new Board of Management line-up effective from the April 2026 AGM.
ASML authorizes a share buyback of up to €12 billion running to the end of 2028
ASML announced a new repurchase program of up to €12 billion, to be carried out by 31 December 2028.
ASML plans to cut about 1,700 jobs, mostly management layers, on the same day as record orders
ASML said it would dismiss about 1,700 employees, mainly in leadership roles in its technology and IT organizations, to flatten management layers.
SEC filings
| Oct 15, 26 | S-8 POS | S-8 POS: Filing | sec.gov ↗ |
| Oct 14, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Jul 15, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Jun 5, 26 | SD | SD: Specialized disclosure (conflict minerals) | sec.gov ↗ |
| Apr 23, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Apr 15, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Mar 11, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Feb 25, 26 | 20-F | 20-F: Annual report for the fiscal year ended Dec 31, 2025 | sec.gov ↗ |
| Feb 25, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Jan 28, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Nov 17, 25 | S-8 | S-8: Employee plan share registration | sec.gov ↗ |
| Nov 17, 25 | S-8 POS | S-8 POS: Filing | sec.gov ↗ |
| Oct 15, 25 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |